Article 66 of the Saudi Counter-Terrorism Crimes and Financing Law
المادة 66 من نظام مكافحة جرائم الإرهاب وتمويله · الفصل السادس: التدابير
Article 66 requires applying enhanced due diligence to dealings with persons from or residing in high-risk countries, and applying the risk-mitigation measures set by the supervisory authorities.
Official text (Arabic)
This article has not been amended since the law was issued.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ تطبيق تدابير العناية الواجبة المشددة على علاقات العمل والمعاملات مع أي شخص يأتي من بلد أو يقيم فيه تم تحديده - من قبلها أو من قبل اللجنة الدائمة لمكافحة الإرهاب وتمويله - على أنه بلد عالي المخاطر. وعلى المؤسسات المالية، والأعمال والمهن غير المالية المحددة، تطبيق تدابير للتخفيف من المخاطر العالية التي تحددها الجهات الرقابية.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 66 explained in plain English
This article deals with a special case of elevated risk, which is dealing with high-risk countries. It is addressed to financial institutions and designated non-financial businesses and professions.
First obligation: applying enhanced due diligence measures to business relationships and transactions with any person who comes from or resides in a country identified as high-risk. This identification is made by one of two bodies:
- The institution or entity itself.
- Or the Standing Committee for Combating Terrorism and Its Financing.
Second obligation: applying measures to mitigate the high risks that the supervisory authorities set.
The article is linked to Article 65, which requires keeping the due diligence documents among the records for no less than 10 years, and to Article 67, which requires setting policies, procedures and controls to manage and limit the identified risks.
The article does not give a list of country names, and does not specify the content of the mitigation measures; that is left to the bodies mentioned.
A person whose transactions are delayed because of these requirements may request clarification from the entity concerned, or consult a lawyer who specializes in banking and finance.
Practical example
A customer resides in a country that the Standing Committee for Combating Terrorism and Its Financing has classified as high-risk, and asked to open an account at an exchange company in Jeddah. The company must apply enhanced due diligence to him, in addition to any mitigation measures the supervisory authority sets.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentBanking, Finance & Securities lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Banking, Finance & Securities lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Dr. Saleh Altayyar & Partners Law Firm
Frequently asked questions about Article 66 of the Saudi Counter-Terrorism Crimes and Financing Law
Who identifies high-risk countries?
According to the article, the institution or entity itself or the Standing Committee for Combating Terrorism and Its Financing.
Does the article cover only residents or also those arriving?
It covers any person who comes from a high-risk country or resides in it.
Does the article name the high-risk countries?
No. The article does not include a list of countries.
More articles on Duties of Financial Institutions and Reporting
- Article 6
Article 6 lets the Public Prosecution, and the Presidency of State Security at the evidence-gathering stage, request records and information from any person or institution, and requires fast, accurate execution and confidentiality.
1- للنيابة العامة -من تلقاء نفسها أو بناءً على طلب رجل الضبط الـجنائي- أن تطلب من أي شخص أو من المؤسسات المالية، أو الأعمال والمهن غير المالية المحددة، أو المنظ
- Article 63
Article 63 requires financial institutions, designated non-financial businesses and professions, and non-profit organizations to identify, assess, document and continuously update their terrorist financing risks.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة، والمنظمات غير الهادفة إلى الربح؛ تحديد و فهم مخاطر تمويل الإرهاب لديها وتقييمها وتوثيقها وتحديثها بشك
- Article 64
Article 64 requires financial institutions and designated non-financial businesses and professions to apply due diligence measures according to the risk level, tighten them when risk is high, and leaves the details to the Regulations.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ اتخاذ تدابير العناية الواجبة، وتحديد نطاقها على أساس مستوى مخاطر تمويل الإرهاب المرتبطة بالعملاء وعلا
- Article 65
Article 65 requires financial institutions and designated non-financial businesses and professions to keep all transaction records for at least 10 years and allows the Public Prosecution to require extending that period.
1- على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ الاحتفاظ بجميع السجلات والمستندات والوثائق والبيانات بما فيها مستندات تدابير العناية الواجبة، لجمي
- Article 67
Article 67 requires financial institutions, designated non-financial businesses and professions, and non-profit organizations to set and effectively implement policies, procedures and controls to combat terrorist financing, with their content left to the Regulations.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة، والمنظمات غير الهادفة إلى الربح وضع السياسات والإجراءات والضوابط وتنفيذها بفعالية لمكافحة تمويل الإره
- Article 68
Article 68 requires financial institutions to mitigate the risks of correspondent relationships with other financial institutions and to apply the Anti-Money Laundering Law's requirements to wire transfers.
1- على المؤسسات المالية اتخاذ التدابير المناسبة للتخفيف من المخاطر الناتجة عن الدخول في علاقة مراسلة مع مؤسسات مالية أخرى، والمحددة في نظام مكافحة غسل الأموال.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.